SES SA FDR (Class A) · EURONEXT:SESG
SES SA FDR (Class A) — SES — FY2011 Earnings Presentation
12 slides from SES SA FDR (Class A)'s earnings presentation, 2012
Slide 1: Présentation des résultats financiers pour l'exercice 2011
5. Présentation des résultats financiers pour l’exercice 2011 Andrew Browne, CFO
Slide 2: Financial Highlights – FY 2011
Financial Highlights – FY 2011 Revenue of EUR 1,733.1 million (-0.1%) • Recurring revenue grew 2.8% to EUR 1,735.0 million EBITDA of EUR 1,274.6 million (-1.7%) - Recurring EBITDA grew 3.1% to EUR 1,294.5 - Recurring EBITDA margin of 74.6% - Infrastructure margin of 82.3% (excluding reorganisation c
Slide 3: Revenue walk from Actual 2010 to Actual 2011
Revenue walk from Actual 2010 to Actual 2011 In line with full year guidance of 3% FX rate EUR/USD: Actual 2010 1.33 -0.1% as Actual 2011 1.40 -5% reported 1,735.7 46.4 1,735.0 1,733.1 1,688.5 (1.9) 2.8% as reported (47.2) +0.5 pp 10 MEUR adj.*) 3.3% adjusted *) adjusted for launch delays Actual YTD
Slide 4: EBITDA walk from Actual 2010 to Actual 2011
EBITDA walk from Actual 2010 to Actual 2011 Outperforming revenue growth FX rate EUR/USD: Actual 2010 1.33 Actual 2011 1.40 -5% -1.7% as reported 1,296.5 38.6 1,294.5 1,274.6 1,255.9 3.1% as reported (19.9) +0.8 pp 10 MEUR adj.*) (40.6) 3.9% adjusted *) adjusted for launch delays Margins 74.7% 74.4%
Slide 5: Strong Infrastructure and Services Margins
Strong Infrastructure and Services Margins Infrastructure WORLD OTHER & *) in EUR million ASTRA SKIES ELIM SES GROUP Revenues 876.8 663.7 (13.4) 1,527.1 Infrastructure EBITDA margin of EBITDA 730.2 525.9 0.0 1,256.1 82.3% (excluding reorganisation cost: Margin % 83.3% 79.2% 82.3% 83.0%, mainly impac
Slide 6: Historical Performance
Historical Performance Reported Revenue *) Reported EBITDA*) EUR million CAGR: 6.2% CAGR : 7.0% Group 1,694 1,733 75% 1,614 margin **) 1,489 1,555 1,490 19% 20% 1,189 1,265 1,275 16% 17% 70% 1,069 1,117 1,205 15% 14% 1,027 3% 4% 4% 849 2% 3% 3% 16% 1% Infrastructure 84% 85% 86% 83% 81% 80% 83% margi
Slide 7: Leverage
Leverage Net Debt/EBITDA 3.16x 3.12x 2.95x 2.99x 2.91x 2.66x 2006 2007 2008 2009 2010 2011 Indebtedness has been managed well below the target of 3.3x to date Indebtedness target of 3.3x to be maintained with ongoing investment levels Sound and well balanced financing and liquidity levels in place 7
Slide 8: Secured, Well Balanced Financing and Liquidity
Secured, Well Balanced Financing and Liquidity Since January 2010, SES has completed over EUR 3 Bn of funding transactions 1,200 1,200 1,089 1,000 1,000 801 796 800 800 672 651 685 681 671 617 600 600 428 400 358 400 323 205 219 200 200 35 69 1 1 1 36 36 7 0 0 2011 2012 2013 2014 2015 2016 2017 2018
Slide 9: Backlog – Revenue & Cash Flow Visibility
Backlog – Revenue & Cash Flow Visibility EUR billion 1.4 1.1 1.0 0.9 0.7 0.6 0.5 0.4 0.4 2012 2013 2014 2015 2016 2017 2018 2019 EOL SES group backlog at 31 December 2011 = EUR 7.0 billion = 4.0 x 2011 recurring revenue EUR 2.0 billion of renewals and new business signed during 2011 Some 80% of 2012
Slide 10: Shareholder Returns - Competitive & Reliable Policy
Shareholder Returns - Competitive & Reliable Policy Dividend per share twice as high as in 2006 (CAGR: 15%) 2011 Dividend Yield of 4.7% Shareholder return of approximately EUR 3.5 billion over 2006-2011 • Cumulative dividends of circa EUR 1.5 billion • Cumulative share buy-backs and cancellations of
Slide 11: Outlook
Outlook Proforma Outlook Reporting Outlook Excluding Analogue Period Revenue EBITDA Revenue EBITDA 2012 Annual Growth ~ 2.0% ~ 1.0% ~ 9.0% ~ 9.0% 2012 Proforma: ~ 3.0% ~ 2.0% Excluding launch delays and solar array circuit failures 2012-2014 CAGR ~ 4.5% ~ 4.0% ~ 7.5% ~ 7.5% Strong underlying revenue
Slide 12: SES' Financial Strategy
SES’ Financial Strategy SES’ ongoing focus upon Revenue and EBITDA growth • Revenue CAGR of 4.5% and EBITDA CAGR of 4.0% (2012-2014); excluding analogue switch-off, approximately 7.5% Continued emphasis on financial execution and communication Maintain BBB/Baa2 investment grade credit rating • Net d